Political Quotes

“Mr. Chairman, I rise today in opposition to H.R. 3621. As a business owner and lender, I know firsthand the value that complete and accurate credit reports have in making sound business decisions. For any business that relies on financing, risk-based pricing is essential in order to offer each customer the lowest rate possible. Every time a deal is broken, the cost gets passed along to the next customer. Your handshake is worth something. When you are trying to get a loan, people need to know that your signature is worth something as well. In Texas, a deal is a deal, and you must always live up to your end of the bargain. For those customers who have been financially responsible and always paid their debts on time, they are rewarded with lower rates. For those borrowers who have not paid their debts on time, financial institutions are forced to price in this inherent risk. Whether a person is buying a car, a private jet, or a cow, the lender needs to be paid back in order to be able to continue offering lines of credit to responsible people in their community. Mr. Chair, I am concerned that this bill would take us down a path where lenders are receiving incomplete credit reports that have been scrubbed of all negative information. In other words, hiding information results in greater risk for the lender.…”